On October 23, Bitcoin (BTC) reached new three-month peaks as the initial Asia trading session of the week yielded sharp gains.
Bitcoin bulls encounter significant BTC price resistance
Data from Cointelegraph Markets Pro and TradingView indicated that BTC’s value gained momentum, climbing to $30,944 on Bitstamp.
The largest cryptocurrency recorded its first weekly close above $30,000 since the summer, subsequently aiming for levels nearer to critical long-term resistance, which includes the 2023 peak currently set at $31,800.
“Bitcoin is back at critical resistance for the third time in six months,” popular trader Jelle remarked in one of the day’s posts on X.
“It’s time to tread carefully, but I don’t believe you should adopt a bearish stance simply because we are approaching resistance. This level will eventually yield — and the movement will be significant. Tick… Tock…”
Analyst Matthew Hyland indicated that Bitcoin was already set for another upward movement, with market conditions resembling those just prior to the year’s high.
All the indicators for this #Bitcoin rally were present
$26.5k then
$30.8k now https://t.co/8QPSmX9N84— Matthew Hyland (@MatthewHyland_) October 23, 2023
After observing activity on exchanges, fellow trader Skew noted ongoing short squeezes.
“Price is testing a crucial HTF resistance area once again,” another post on X mentioned, referring to high-timeframe (HTF) levels.
“However, if the price retraces, I will be looking for continuation signals around the $29.5K – $28.7K range.”
Altcoins experience a surge
In other news, research firm Santiment observed a new setup in the crypto market coinciding with Bitcoin’s recent advancements.
Related: Bitcoin metrics ‘boost bullish potential’ as BTC price maintains 200-week trendline
It noted that altcoins were rising in tandem — a trend not seen during previous approaches to $30,000.
Unlike #Bitcoin’s earlier two brief excursions to $30K, this latest breakthrough of resistance to conclude the weekend has occurred alongside a surge in #altcoins, rather than lagging behind BTC’s price. $LINK, $MATIC, $UIP, $APT, and $AAVE are all achieving their best decouplings of 2023. pic.twitter.com/ci7MPh25yf
— Santiment (@santimentfeed) October 23, 2023
“Altcoin positions continue to generate substantial returns,” Jelle noted in part of a cross-crypto update, asserting that while caution is advisable, “few are prepared for what is about to unfold in the coming months.”
Related: Bitcoin price surpasses $30K, potentially paving the way for SOL, LINK, AAVE, and STX
At the time of this writing, Bitcoin was still pressuring the $31,000 mark, with approximately six hours remaining until the opening of Wall Street.
This article does not provide investment advice or recommendations. Every investment and trading action carries risk, and readers should perform their own research before making any decisions.
